Source: Mansion Global —
Although international luxury real estate markets are set to take a hit in 2023, the lack of available blue-chip properties will help keep prime prices afloat, according to Savills.
Indeed, high-end residential real estate is expected to see an average price growth of 0.5% this year in the 30 global cities tracked in Savills’s Prime Residential World Cities Index, released Wednesday.
“Recessionary conditions, a higher interest-rate environment and inflation will weigh on prime residential performance, although the second half of the year holds some potential for global economic growth,” Paul Tostevin, head of Savills World Research, said in the report. “The forecast growth of 0.5% is some way down on the 3.2% saw last year, however, the rarefied nature of prime residential coupled with a lack of stock, will prevent a sharper slowdown.”
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